Orion Protocol Technical Analysis: ORN/USD ready for a breakout above $7
- ORN/USD has been one of the best performing DeFi coins in the past month.
- ORN started trading as low as $0.1, the initial sale price, and managed to reach $7.75, a 7,750% increase in less than one month.
Orion Protocol has been one of the most searched coins on Coingecko for the past few weeks after experiencing an initial 1,000% price increase within a few hours of its listing. ORN is now trading around $6 after a healthy period of consolidation while bulls are eying up $8.
ORN/USD 4-hour chart
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ORN bulls have clearly managed to establish a 4-hour bull flag with increasing trading volume on the way up to $7.75 and decreasing bear volume while trading sideways (the pole of the flag).
The most important support level is the 12-EMA, currently at $6.2, a support point that has been defended several times in the past. Bulls can also use the 26-EMA at $5.79 for support and $5.38, the low established on August 11. A breakout above $7 would be a big enough catalyst to push ORN towards $8 as there is practically no selling pressure.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
